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Mar 17, 2013 4:30am PDT
an e-mail about questions. teri asks, the irs can challenge something of your tax returns at any time. if you don't have your receipts to fight back you're liable. is this true? this person said you should keep records at least ten years. >> the sad fact, the irs can really come back to you at any time, depending whether this is a personal return, business return. so the best bet really is to keep records of everything. you absolutely should have a copy of your taxes on hand and in print. you never know when a computer file can get corrupted? >> your receipts, ten years? >> you should. a good practice. lots of different accounting software. fresh books, intuit, microsoft has one. tons of way to make it easier, time efficient to keep all that information. it really is a good idea to keep it. >> what do you think, michael? you're shashging your head. >> no, no. keep all the information as long as you possibly can. i'm not an accountant but am playing one on tv. but statute of limitations on basically receipt-keeping and how long the irs can go back and do an audit. important for the bus
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